Offerpad: What to Know

Offerpad is an iBuyer that launched in 2015, and currently buys and sells homes in metro areas within 11 states, primarily in the southern half of the United States. In the second quarter of 2021, Offerpad purchased 2,025 homes — a new record for the company — and sold 1,259 homes.

» MORE: What is an iBuyer?

What is Offerpad?

As an iBuyer, Offerpad provides three core services to home buyers and sellers within its markets.

• Selling your home to Offerpad: With Offerpad Express, the company makes you a cash offer and buys your home directly from you. This fairly standard iBuyer offering includes perks like free local moving services and the ability to rent back your home for up to 90 days after closing.

• Listing your home with Offerpad: If you want to see what offers you can get from home buyers on the open market in addition to Offerpad's cash offer, you can work with one of Offerpad's partner agents to list your home with Offerpad Flex. In most cases, you’ll have up to 90 days to take your home off the market and go with Offerpad's cash offer instead.

• Buying a home from Offerpad: Properties that Offerpad has purchased are listed on real estate websites, though the iBuyer offers perks to home buyers who work with one of its partner real estate agents.

If you are selling your home to Offerpad, the iBuyer requires you to sign a binding purchase agreement based on its initial offer. With most iBuyers, you don't make a firm commitment until you receive their final offer, which accounts for adjustments due to condition and repairs. Once you've signed with Offerpad, you'll pay a cancellation fee equal to 1% of the offer amount if you decide not to go through with the sale for any reason other than the repair adjustment. If Offerpad elects not to go through with the transaction, no money is owed on either end.